To think I will always have financial stress now others have pointed this out?

Why’s the point in saving for uni, and being in debt, when she might not even go? Personally I’d be overpaying the mortgage and feeling more secure every month, rather than saving for something that might not happen.

You have £360K in equity, you have £20K in savings and you are increasing this bit by bit.

You are not struggling to make ends meet.

Get some perspective.

Reduce the amount you pay to her to £50-£100 max and put the other £150 into your pension.
Paying for uni is a 'nice to do' xxx

With that much equity in the house, kindly, you're being ridiculous. There are many places in the UK where you can buy a house for well under 250k. Continue to pay down your mortgage and when your DD goes to uni, if she goes, you can downsize a bit, relocate if needed and if she needs to take loans etc she'll not be alone. Mine have no pot saved for their future as I can barely afford what they need right now. Your position is fine, really.

You are choosing to go without meals when you have £20K in savings?

I have four DC and don't worry about these things - they will have to make their own way in life. Eldest currently paying for their own driving lessons through their savings and plans to get a part time job ASAP. I don't have any money to give him for a deposit for a house! I didn't get any from my own parents 🤷‍♀️

If you’re going without meals for a few days, then saving £200 is ridiculous.

She may not even go to university. She’s 6. This is a long way off.

I would say you are in an ok situation. Presumably if there are just the 2 of you, you could downsize your house in the future. Pay off the remaining mortgage etc.

Just read your update about not eating ..for goodness sake, get some professional help.

I’m the same as @Vettrianofan
3 DC. We do as much for them as we can. But I never had anything paid for me. I got a job at 15, paid for my own driving lessons. Car, house deposit etc.

I did not save for my kids who might/might not go to uni. The one that did go got the loans they were entitled to and worked PT, plus we paid his accommodation.
They need to learn to keep themselves.

Your perspective is skewed if you're putting money away for your child but starving for three days a month! Stop seeing the savings as a uni fund and put them in an account you don't use all the time, but can access when needed.

Move to a cheaper house so you won't have such a massive mortgage.

As others have said - you don't 'need' to save for a 6 year old's university fund.

You have £20,000 in savings, and you're not yet 40 - I would say you're doing just fine.

Do you live with a partner? Are they as anxious about money as you?

You should not be missing meals
Inheritance is not a right , it's a luxury. If she doesn't get a deposit it's fine, loads of people don't. As for uni she will have to.get a job. I would pay over on mortgage, give myself enough for food and an allowance for luxuries. How old is ur daughter? If u earn 54 k I imagine ur job does not come stress- free? Live a little

Does the 8% include your employers contribution.

You will pay the mortgage off eventually and like many people can downsize or move to a cheaper area.

Your child might not go to university. Despite people being sure everyone goes to university it is slighlty less than 40% of 18 year olds that head off to uni.

As it stands, they will get a loan to cover the fees, they can get work to help support themselves by saving up during 6 form and at weekends. You will then find your savings go a very long way.

I don’t think what you’ve described sounds bad at all!!

you’ve got to remember then when you pay that mortgage off you’re house will have also increased in value and you could be sitting on an asset worth £750k plus pension plus savings plus inheritance!!

personally I don’t get why people panic so much over uni. I got a student loan like every other normal person, Martin Lewis recos prioritise house deposit over uni fees. Child can get a PT job etc plus the £200 month your giving as spends

then continue putting that £200 away a month yourself in an isa

honestly people are much worse off

It depends when you'd do it obviously but kids do move all the time. I moved hundreds of miles post divorce out of financial necessity. Not remotely unreasonable.

Downsize could be a future plan to release equity, you don’t have to do it right now.
Your DD is in line to inherit family wealth from your parents and you’ll very likely eventually have a property to leave her. She’s in a privileged position there.
You need to sort out how you budget for and prep food…maybe a few small tweaks will get you to the end of the month on your existing spend or else you need to allocate another £20 and save less.

Is this a stealth boast? You come across as ridiculously blinkered when there are so many people struggling to make ends meet. Honestly, this post is so tone deaf it's borderline offensive.

Just realised she is 6. OP I would not be prioritise something potentially thst will happen in 12 years. Priority security- home , day to dsy living, a few luxuries, pension snd savings

We don't even have a mortgage...

Please get a grip.

if you’re looking to use the equity to fund university in 12 years time then you don’t need to downsize just yet - just feel reassured that you will be able to if you want to later. So no need for uprooting and disturbance for a long time yet!

House prices are highly likely to carry on going up, so your money is working hard while it’s sitting as equity in the house and will be worth more when you do sell (and you’ll owe less on it by then too).